Why Israel-Iran war push up oil prices?

An escalating conflict between Israel and Iran has rattled global markets, pushing oil prices sharply higher.

Global oil prices jumped by up to 13% on June 13 as the Israel-Iran conflict ramped up. The benchmark Brent crude jumped from $65 per barrel to a range of $72-74 per barrel.

Over the next two days, media reports predicted that if fighting in the Middle East escalates, oil prices could rise significantly, potentially reaching $130 per barrel or even $300 in extreme scenarios.